The three main topics covered are: (1) fracture toughness and microstructure, (2) quantitative ultrasonic and microstructure; and (3) scattering and related mathematical methods. Literature in these areas is reviewed to give insight to the search of a theoretical foundation for quantitative ultrasonic measurement of fracture toughness. The literature review shows that fracture toughness is inherently related to the microstructure and in particular, it depends upon the spacing of inclusions or second particles and the aspect ratio of second phase particles. There are indications that ultrasonic velocity attenuation measurements can be used to determine fracture toughness. The leads to a review of the mathematical models available in solving boundary value problems related to microstructural factors that govern facture toughness and wave motion. A framework towards the theoretical study for the quantitative determination of fracture toughness is described and suggestions for future research are proposed.